# Pine Labs

> Source: https://docs.barcoder.ai/docs/wallets/pine-labs
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Pine Labs — official](https://www.pinelabs.com/)

## Overview

**Pine Labs** is **India's leading merchant-commerce platform** — POS solutions + payment processing + merchant financing + embedded APIs <sup>[1][1], [2][2], [India report](https://docs.barcoder.ai/docs/payments/IN)</sup>. **November 14, 2025 — Pine Labs listed on NSE + BSE** in **$440 million India IPO** at **~$3.3 billion market cap** (₹289 billion).

**IPO details** <sup>[3][3]</sup>:
- **IPO window**: November 7-12, 2025; listed November 14, 2025.
- **Issue size**: 176.5M equity shares at ₹221 = **₹1,753.83 crore** raised from anchor investors.
- **First-day performance**: Opened at ₹242 (+10% from issue) → closed ₹252 (+14% from issue).
- **Market cap**: ₹289 billion (~$3.3 billion).
- **Note**: Valuation trimmed from initial pre-IPO expectations.

**Pine Labs Q1 FY26 performance** <sup>[1][1]</sup>: Revenue **+22% YoY to ₹653 crore**; payments division (incl. **Mosambee** + **Setu** sub-brands) leading growth.

**Acquisition stack**: Qwikcilver (gift cards) + Fave (Asia consumer-loyalty) + Setu (embedded financial APIs) + Mosambee (POS).

## History

**1998 — Pine Labs founded**: One of India's longest-vintage fintechs (27 years pre-IPO).

**2000s-2010s — POS dominance** in IN + multi-country SEA expansion.

**Acquisitions**: Qwikcilver (gift cards) + Fave (Asia consumer-loyalty) + Setu (embedded financial APIs) + Mosambee (POS).

**Pre-IPO baseline**: 915,000+ merchants + ₹7.5+ lakh crore GTV in 9 months FY25 <sup>[1][1]</sup>.

**November 7-12, 2025 — IPO window**; **November 14, 2025 — listing**: $440M IPO at ~$3.3B market cap.

**Q1 FY26 — Revenue +22% YoY to ₹653 crore**.

## Ownership & operator

**Operating entity**: **Pine Labs Limited** (post-Nov 14, 2025 listing: NSE + BSE).

**Major shareholders (pre-IPO)**: **PayPal** (strategic), **Sequoia Capital India (Peak XV)**, **Mastercard**, **Temasek**, **Madison India Capital**.

**Regulator**: **RBI**.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Pine Labs POS terminals + API + online checkout |
| **Identifiers** | Card + UPI |
| **IN rail** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** (NPCI national A2A rail) |
| **Sub-brands** | **Mosambee** (POS) + **Setu** (embedded financial APIs) + **Qwikcilver** (gift cards) + **Fave** (Asia consumer-loyalty) |
| **Countries** | IN primary + MY + SG + TH + AE + US |
| **Listing** | NSE + BSE (Nov 14, 2025) |
| **License** | RBI Payment Aggregator + POS Acquirer + embedded finance |

## Users & growth

**Pre-IPO baseline (9 months FY25)** <sup>[1][1]</sup>:
- **Merchants**: 915,000+
- **GTV (9 months FY25)**: ₹7.5+ lakh crore (~$90 billion)
- **Q1 FY26 revenue**: ₹653 crore (+22% YoY)
- **IPO**: $440M at ~$3.3B market cap (Nov 14, 2025)

## Use cases

Indian merchant POS (Mosambee POS leader); embedded financial APIs (Setu); gift cards (Qwikcilver); Asia consumer loyalty (Fave); online checkout + payment-aggregator; multi-country SEA + MENA + US POS expansion.

## Implementations & partners

**Operator**: **Pine Labs Limited** (NSE + BSE listed Nov 14, 2025).

**Major pre-IPO shareholders**: PayPal (strategic), Sequoia/Peak XV, Mastercard, Temasek, Madison India Capital.

**Acquisitions**: Qwikcilver + Fave + Setu + Mosambee.

**Major Indian POS + payment-processor competitors**:
- **[Razorpay](https://docs.barcoder.ai/docs/wallets/razorpay)** (IN B2B payment-aggregator; $180B annual TPV; 8M businesses; 2026 IPO target)
- **BharatPe** (NG QR + POS rival)
- **Mswipe** (IN POS)
- **PayU India** (Prosus-owned)
- **Paytm Business** (consumer + merchant)
- **[Hala](https://docs.barcoder.ai/docs/wallets/hala)** (Saudi SME analogous), **[Yoco](https://docs.barcoder.ai/docs/wallets/yoco)** (SA SME analogous)

**Regulator**: **RBI**.

## Fun facts

- **1998 founding** — one of India's longest-vintage fintechs (27 years pre-IPO).
- **November 14, 2025 IPO** at **$440M raise + ~$3.3B market cap**.
- **First-day +14% performance** despite valuation trim from initial expectations.
- **915,000+ merchants + ₹7.5 lakh crore GTV** (9 months FY25).
- **Sub-brand stack**: Mosambee POS + Setu embedded APIs + Qwikcilver gift cards + Fave Asia loyalty.
- **PayPal strategic shareholder** pre-IPO.
- **Multi-country**: IN + MY + SG + TH + AE + US.
- **Q1 FY26 revenue +22% YoY to ₹653 crore**.

## Comparison

| Feature | Pine Labs | [Razorpay](https://docs.barcoder.ai/docs/wallets/razorpay) (IN B2B payment-aggregator rival) | Mswipe (IN POS) | [Adyen](https://docs.barcoder.ai/docs/wallets/adyen) (global analogous enterprise) | [Stripe](https://docs.barcoder.ai/docs/wallets/stripe) (global analogous) |
|---|---|---|---|---|---|
| Operator | **Pine Labs Limited (NSE + BSE listed Nov 14 2025; PayPal + Peak XV + Mastercard + Temasek backed)** | Razorpay Software Private Limited (Tiger Global + Sequoia + Mastercard + GIC) | Mswipe | Adyen N.V. (Euronext: ADYEN) | Stripe Inc. |
| Type | **IN merchant-commerce platform: POS + payment processing + Setu embedded APIs + Qwikcilver gift cards + Fave Asia loyalty** | IN B2B payment-aggregator + Razorpay X neobanking + Capital lending | IN POS | Enterprise omnichannel + bank license | Global SMB-to-enterprise developer-first |
| Country | IN + MY + SG + TH + AE + US | IN + MY + SG | IN | NL HQ + global | Global |
| Merchants | **915K+ + ₹7.5 lakh crore GTV 9M FY25** | 8M businesses + $180B annual TPV | Major IN | Enterprise (Uber + Spotify + eBay + Microsoft) | Millions globally |
| Listing status | **NSE + BSE listed Nov 14 2025; ~$3.3B market cap** | Confidential IPO filing late 2025; target $5-6B end-2026 | Private | Euronext-listed | Private (most valuable private fintech) |
| Distinctive | **1998 vintage; Nov 14 2025 IPO; PayPal strategic shareholder; Qwikcilver + Fave + Setu + Mosambee sub-brand stack** | Mastercard investor; reverse-flip US→IN Apr 2025 | Direct POS rival | Bank license; enterprise omnichannel | Developer-first |

## Status

**Active, India's leading merchant-commerce platform (post-Nov 14 2025 IPO)** <sup>[1][1], [3][3]</sup>:
- **Pine Labs Limited (NSE + BSE)** since 1998 (27 years pre-IPO).
- **Nov 14, 2025 IPO at $440M raise + ~$3.3B market cap**.
- **915K+ merchants + ₹7.5 lakh crore GTV 9M FY25**.
- **Q1 FY26 revenue +22% YoY (₹653 crore)**.
- **Sub-brand stack**: Mosambee + Setu + Qwikcilver + Fave.
- **RBI-regulated**.

## Sources

[1]: https://www.chittorgarh.com/ipo/pine-labs-ipo/2487/ "Pine Labs IPO details — Chittorgarh"
[2]: https://www.5paisa.com/ipo/pine-labs-ltd-ipo "Pine Labs IPO — 5paisa"
[3]: https://techcrunch.com/2025/11/14/pine-labs-gets-warm-market-welcome-on-440m-india-ipo-despite-a-valuation-trim/ "Pine Labs $440M IPO warm welcome — TechCrunch"
[4]: https://www.indmoney.com/blog/ipo/pine-labs-ipo-review "Pine Labs IPO review — INDmoney"
[in-cro]: https://docs.barcoder.ai/docs/payments/IN

- [1] [Pine Labs IPO details — Chittorgarh][1]
- [2] [Pine Labs IPO — 5paisa][2]
- [3] [Pine Labs $440M IPO warm welcome — TechCrunch][3]
- [4] [Pine Labs IPO review — INDmoney][4]
- <sup>[India report](https://docs.barcoder.ai/docs/payments/IN)</sup> In-corpus: `reports/countries/IN-india.md`

## Source

Biography extracted from [pine-labs.md](https://docs.barcoder.ai/source/wallets/pine-labs). See `matrix.md` for standards-support matrix if present.